QUOTE(David_Brent @ Sep 24 2009, 10:10 AM)
On this PN17 thingy: does anyone know how it works?
Is it the company that declares itself in PN17 (like Chapter 11 in the States) or is it Bursa Malaysia that forces/declares the company in PN17?
Generally,PN17 companies are those in financial distress,here are some of the criteria for a main board company to be classified as PN17(GN4 in the case of ACE market):
~company defaulted on loans/interest due,
~shareholders equity less than 25 % of the paid up capital,
~audited account qualified by the auditors as to the company ability to carry on as a going concern or auditor does not express an opinion on the true and fairness of the audited account,
~company has no core business.
I am writing without referring to the rules,I stand to be corrected.
This post has been edited by lklatmy: Sep 24 2009, 10:34 AM